Chemring targeting America, Middle East and Asia
MILITARY equipment maker Chemring is training its sights on America, the Middle East and Asia to keep its order book on track.
The company, which makes anti-missile flares and devices used in Afghanistan to defuse roadside bombs, expects less than a quarter of its revenues will come from European customers next year, compared to about 45 per cent in 2008.
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Chief executive David Price said the UK was the most vulnerable market, with spending likely to be cut by 15 per cent, or £7billion, in the next two to three years.
He added: “Europe is not the place to be right now. The US is more robust and with the oil price still high, the Middle East and Far East are more buoyant markets.”
Revenues from May 1 have increased 23 per cent to £176million compared to 2009, with the £819million order book 43 per cent higher than this time last year.
